Do lesbian, gay, bisexual and transgender people need a bank of their own? Superbia Credit Union is about to find out.

Michigan on Monday approved a charter for the new financial institution designed for LGBTQ customers, clearing the way for online service to begin early in 2020.

Superbia Credit Union will offer products which are often outside the scope of a more traditional lender, such as loans for transgender people in the process of transitioning, said Myles Meyers, founder of New York-based Superbia Services Inc., which created the credit union.

“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” said Meyers. “If I walked in to the same institution with my husband, we can come across different responses and welcome. And this is where it all starts to change for the community.”

Large swaths of corporate America now advertise their support for LGBTQ rights, and hundreds of companies have signed on to support federal and state laws to give equal protection to the community. A majority of Americans say they support gay marriage.

Superbia Credit Union is the first ever Profit-for-Purpose financial institution that exists solely to serve and advocate for the LGBTQ community across the country.

Opening its virtual doors in early 2020, Superbia credit union is owned and guided by its members. An inclusive organization, anyone in support of the LGBTQ affirming mission is welcomed to join and become a member.